Petroleum Africa
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Monday, January 5, 2015
Afren plc has secured $17.1 million from its former chief executive Osman Shahenshah and former COO Shahid Ullah in relation to unauthorized payments that led to the dismissal of both Shahenshah and Ullah as well as a couple other directors of the company. The payment of the $17.1 million led to the canceling of the claims against the two in connection with the issue.
Afren fired the two executives in October, along with two associate directors, and disciplined seven more employees after a review into some transactions found evidence of “gross misconduct” by the executives and directors.
The scandal led to a severe drop in share price for Afren, which in turn made it a tempting takeover treat. The company recently reported that it had been tentatively approached by Seplat, an indigenous firm out of Nigeria where Afren holds producing assets.
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